Reuters also reports that not much has changed as far as the position of each party is concerned. Igor Plotnitsky, the leader of the self-proclaimed Luhansk People's Republic, told Reuters that despite the cease-fire deal, it will still seek independence from Ukraine.

As we reported, the potential for a cease-fire was being watched closely by the members of NATO meeting in Wales on Friday.

During a press conference, President Obama said the U.S. was "hopeful, but based on past experiences also skeptical" about the brand-new cease-fire that took effect Friday in Ukraine.

Separately, as well as an alliance, NATO members had stepped up their rhetoric in regard to Russia, warning that if Russia invaded a member nation, it would face the full force of NATO, including the United States military.

To that end, NATO announced it was deploying several thousand troops in Eastern Europe and warned that more stringent sanctions could be placed on Russia by member states if it did not de-escalate the situation in Ukraine.

Speaking to reporters in Newport, United Kingdom, Poroshenko said this cease-fire was based on his peace plan and on an agreement he hashed out with Russian President Vladimir Putin over the phone.

"That's why I think this is very important," he said. "And why this cease-fire should last."

Poroshenko said he is prepared to take "significant steps" toward peace, including the release of prisoners and guaranteeing the protection of Russian culture and language in the eastern part of the country.

The peace plan, he added, is also "based on the territorial integrity, sovereignty and independence of my country."